Analysts Speculate Possible Carnival / Hapag-Lloyd Deal

Tuesday, May 29, 2001
Carnival Corp said on Tuesday its growing cash holdings were spurring market speculation that the world's largest cruise group was on the acquisitions trail.

A spokesman for the Miami-based operator of 45 cruise ships, declined to speak directly to reports that Carnival may be working on a bid for Hapag-Lloyd cruises. "It is our policy not to comment on market rumors," he said.

Hapag-Lloyd, a unit of the world's largest travel group Preussag AG, operates five ships in German-speaking countries. A spokesman for Hapag-Lloyd said on Monday he knew of no bid for the company.

With pricing pressure in its core North American markets, Carnival has been looking to Europe for growth.

Just last week, the cruise line announced the sale of a 25 percent equity stake in British travel group Airtours Plc in a transaction expected to yield gross proceeds of nearly $500 million. In addition, the company raised about $900 million in bond offerings in March and April. Some of that money was to repay bridge loans for the purchase last year of the 50 percent portion of Costa it had not owned.

But analyst Robin Farley of UBS Warburg said in a research note that Carnival had now raised more than $1 billion without any pressing needs for capital expenditures.

"Obviously, our recent debt offerings and the sale of our Airtour holdings has added substantially to our cash. That is prompting market speculation," the Carnival spokesman said.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Steel Cut for Third RCI Quantum-class Cruise Ship

The steel cutting for 'Ovation of the Seas', scheduled to be delivered in the autumn of 2016, took place at the Meyer Werft shipyard in Papenburg, Germany, where 'Quantum of the Seas',

Holland America Line's New Ship is ms Koningsdam

Holland America Line revealed the name of its new 99,500-ton cruise ship slated for delivery in February 2016 will be ms Koningsdam. While the name pays homage

L-3 MSI to Equip Third Quantum Class Ship

L-3 Marine Systems International (L-3 MSI) announced today that it has been awarded a contract to provide a range of navigation, lighting and communication systems

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0789 sec (13 req/sec)